Dahlonega-Lumpkin County Chamber of Commerce

This week the Senate began consideration of the legislation by Senate Banking Chairman Chris Dodd, D-Conn., to reform the financial industry.

While we all seek bipartisan reform that will rein in Wall Street excess and abuse, we must ask whether this legislation will stop the abuses that led to this crisis in the first place. Additionally, in the effort to rein in wall Street we must ensure that this bill won’t have the unintended consequences of hurting Main Street, including our small businesses, dentists, community banks and doctors who had nothing to do with creating this financial crisis.  Republicans will begin offering amendments to the legislation next week to try to strengthen the language of this legislation, which is currently overly broad.

I originally introduced legislation to examine the causes of the current economic crisis in January 2009. On April 22, 2009, the Senate overwhelmingly passed this legislation, as an amendment to the Senate’s version of the financial fraud bill, to create the Financial Crisis Inquiry Commission. President Obama signed the legislation into law on May 20, 2009, and the Commission is conducting its investigation.

I believe we must find out all the facts and contributing factors that led to our economic decline. The Financial Crisis Inquiry Commission has the authority, the power and the money to get to the root of the problem. The commission has a $5 million budget, subpoena powers and 18 months to complete its investigation. Some of the best financial minds are serving on this bipartisan body.

The final report of this commission is due to Congress by December 15, 2010, with recommendations to ensure such a market meltdown never happens again. Until this report is completed and the factors that led to this crisis are thoroughly understood, the president and Congress should be cautious in moving ahead with regulatory practices without first getting the facts.

Finally, we must consider whether we are overburdening the Federal Reserve by adding to their responsibilities when their primary role is overseeing banking practices, when even they were blindsided by this crisis.  As responsible members of the Senate, we must ensure that this legislation truly stops abuses from Wall Street institutions and does not cast a broader net on those who were not engaged in these practices.

On Tuesday, I was proud to receive the U.S. Chamber of Commerce’s “Spirit of Enterprise” Award for my support of pro-growth legislation during the first session of the 111^th Congress.  Eligibility for the award is based on how Members of Congress vote on key business issues, which the Chamber outlines in its annual publication How They Voted. These designated “key votes” are recorded floor votes on issues established as priorities on which the Chamber communicates its position prior to the vote. Those members of Congress who support the Chamber’s position on at least 70 percent of those votes receive the “Spirit of Enterprise” Award.  Since my election to Congress, I have received a cumulative score of 93 percent on Chamber-selected issues.

Having run my own small business for over 30 years, I recognize the tremendous impact that federal policy can have on American business owners.  It is important we enact policies that create jobs and strengthen and stabilize our vulnerable economy.  Our nation has always demonstrated a strong resiliency, and I am confident we can bounce back.  I have no doubt that hard-working Americans will be at the front lines of economic prosperity once again.

On Thursday, I co-sponsored legislation to secure gun rights for law-abiding residents of the District of Columbia.

The Second Amendment Enforcement Act would secure for District of Columbia residents the rights reinforced by the Supreme Court’s decision in District of Columbia v. Heller. The legislation would repeal the city’s overly restrictive firearms registration system as well as restore the right of self-defense for any District resident in his or her home.

Additionally, the legislation would allow District residents to legally purchase guns and ammunition from licensed dealers in Maryland and Virginia and transport them back to their residence in the District since there are no traditional retail firearm stores in the District.

The legislation also would repeal the City Council’s ban on semiautomatic weapons and allow District residents to choose for themselves the best firearms to meet their needs. At the same time, the legislation would maintain the District’s current ban on fully-automatic machine guns.

I support the Second Amendment right of all law-abiding citizens to defend themselves and their families.  This step is essential to restoring to District residents the constitutionally guaranteed right to protect themselves.

I am proud once again to lend my support to the Georgia Charters Schools Association during  National Charter Schools Week, recognized May 2 through 8, 2010.  Charter schools empower parents and family with the ability to better identify the best learning environment for success.

Charter schools are tuition-free public schools that are open to all students. Educators, community leaders, business people and parents who start charter schools select the curriculum, philosophies and emphases of the schools, such as a back-to-basics foundation, technology focus or school-to-work approach.  The start-up nature of many charter schools means they operate with strong community support and involvement while seeking to provide teachers with a positive teaching environment.

Due to the demand for more school choice, the number of charter schools in Georgia has climbed steadily since the first three schools opened in 1995. These charter schools continue to achieve at high levels with regards to percentage of schools making AYP and graduation rates.

Today, 122 charter schools currently serve nearly 65,000 students across Georgia. In 2009, the Georgia Charter Schools Commission, the state’s single alternative authorizer of charter schools, authorized two existing charter schools as Commission schools and approved an additional seven schools for opening later this year.

The Georgia Charter Schools Association is an important partner for me in order to do everything I can on a national level to support charter schools.  Charter schools play a significant role in quality choice in public education. Communities across Georgia and across the United States are benefiting from charter schools.

What’s on Tap?

Next week, the Senate will continue debate on financial regulatory reform.

Sincerely,
Johnny Isakson